MANUMED
ActiveFinancials · financial year 2025, abbreviated format
Annual accounts 2025 filed on 08-06-2026 PDF all 37 filings
Equity
-€9,770
2024 · €1,333
Total assets
€25,549▼ 23.1%
2024 · €33,218
Net result
-€11,103▼ 239%
2024 · -€3,275
Working capital
-€10,632▼ 1,274%
2024 · -€774
Multi-year overview
2018 to 2025, 8 financial yearsOperating result
-€10,557
▼ 260%
2025
20182025
Net result
-€11,103
▼ 239%
2025
20182025
Equity
-€9,770
2025
20182025
Total assets
€25,549
▼ 23.1%
2025
20182025
Debt
€35,320
▲ 10.8%
2025
20182025
Working capital
-€10,632
▼ 1,274%
2025
20182025
Every figure per financial year
Every figure with its change against the financial year before
favourable
unfavourable
Line20182019202020212022202320242025
Operating result€5,198--€4,447€3,144€454▼ 85.6%-€1,577-€17,274▼ 996%-€2,936▲ 83.0%-€10,557▼ 260%
Net result€2,484--€5,109€533-€1,007-€3,435▼ 241%-€17,855▼ 420%-€3,275▲ 81.7%-€11,103▼ 239%
Equity€31,480-€26,371▼ 16.2%€26,905▲ 2.0%€25,898▼ 3.7%€22,463▼ 13.3%€4,608▼ 79.5%€1,333▼ 71.1%-€9,770
Total assets€122,809-€114,218▼ 7.0%€104,972▼ 8.1%€117,301▲ 11.7%€34,762▼ 70.4%€27,884▼ 19.8%€33,218▲ 19.1%€25,549▼ 23.1%
Debt€91,329-€87,847▼ 3.8%€78,068▼ 11.1%€91,404▲ 17.1%€12,299▼ 86.5%€23,276▲ 89.3%€31,885▲ 37.0%€35,320▲ 10.8%
Working capital-€7,804-€3,598€11,763▲ 227%€16,042▲ 36.4%€16,531▲ 3.0%€266▼ 98.4%-€774-€10,632▼ 1,274%
The operating result for 2025 is a loss of €10,557, larger than the loss of €2,936 in 2024.
Turnover and EBIT margin are not published. The abbreviated or micro format does not require them.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €25,549
Fixed assets
€862 ▼ 59.1%
Current assets
€24,688 ▼ 20.6%
Equity and liabilities
Equity-€9,770
Debt€35,320
Equity is negative. Debt (€35,320) exceeds the balance-sheet total (€25,549).
Key figures and ratios
EBITDA
-€9,695▼
2024 · -€701
Cash flow
-€10,242▼
2024 · -€1,040
Solvency
-38.2%▼
2024 · 4.0%
Current ratio
0.70▼
2024 · 0.98
ROA
-43.5%▼
2024 · -9.9%
Interest coverage
-6.53▼
2024 · -0.53
Debt ≤ 1 year
€35,320▲
2024 · €31,885
Debt to equity is not shown because equity is negative. Debt divided by negative equity means nothing.
Green means a favourable move, even when the figure itself falls, as with debt or debt to equity.
Annual accounts
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €17,915 | €16,620 | €7,822 | €5,286 | €3,924 | €1,590 | €2,235 | €861 | ▼ 61.5% |
| Other operating charges640/8 | - | - | - | €468 | €519 | €1,819 | €1,034 | €1,190 | ▲ 15.1% |
| Non-recurring operating charges66A | - | - | - | - | - | - | - | €384 | - |
| Gross operating margin9900 | €23,626 | €12,688 | €11,422 | €6,208 | €2,866 | -€13,865 | €333 | -€8,121 | - |
| Operating profit (loss)9901 | €5,198 | -€4,447 | €3,144 | €454 | -€1,577 | -€17,274 | -€2,936 | -€10,557 | ▼ 260% |
| Financial income75/76B | - | - | - | €86 | €328 | €547 | €977 | €939 | ▼ 3.9% |
| Recurring financial income75 | €38 | €63 | €53 | €86 | €328 | €547 | €977 | €939 | ▼ 3.9% |
| Financial charges65/66B | - | - | - | €767 | €1,744 | €1,128 | €1,316 | €1,486 | ▲ 12.9% |
| Recurring financial charges65 | €1,547 | €725 | €622 | €767 | €1,744 | €1,128 | €1,316 | €1,486 | ▲ 12.9% |
| Profit (loss) for the period before taxes9903 | €3,689 | -€5,109 | €2,575 | -€227 | -€2,993 | -€17,855 | -€3,275 | -€11,103 | ▼ 239% |
| Income taxes67/77 | €1,205 | - | €2,041 | €780 | €442 | - | - | - | - |
| Profit (loss) for the period9904 | €2,484 | -€5,109 | €533 | -€1,007 | -€3,435 | -€17,855 | -€3,275 | -€11,103 | ▼ 239% |
| Profit (loss) for the period to be appropriated9905 | €2,484 | -€5,109 | €533 | -€1,007 | -€3,435 | -€17,855 | -€3,275 | -€11,103 | ▼ 239% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Assets | |||||||||
| Total assets20/58 | €122,809 | €114,218 | €104,972 | €117,301 | €34,762 | €27,884 | €33,218 | €25,549 | ▼ 23.1% |
| Fixed assets21/28 | €39,584 | €22,964 | €15,142 | €9,855 | €5,932 | €4,342 | €2,107 | €862 | ▼ 59.1% |
| Intangible fixed assets21 | €581 | €349 | €116 | - | - | - | - | - | - |
| Tangible fixed assets22/27 | €39,003 | €22,615 | €15,026 | €9,855 | €5,932 | €4,342 | €2,107 | €862 | ▼ 59.1% |
| Furniture and vehicles24 | - | - | - | €1,050 | €55 | €350 | - | - | - |
| Other tangible fixed assets26 | - | - | - | €8,805 | €5,877 | €3,992 | €2,107 | €862 | ▼ 59.1% |
| Current assets29/58 | €83,225 | €91,255 | €89,830 | €107,446 | €28,830 | €23,542 | €31,111 | €24,688 | ▼ 20.6% |
| Amounts receivable within one year40/41 | €8,756 | €10,505 | €8,137 | €9,749 | €16,205 | €18,678 | €18,590 | €18,836 | ▲ 1.3% |
| Trade receivables40 | - | - | - | €4,717 | €4,406 | €2,932 | - | €1,596 | - |
| Other amounts receivable41 | - | - | - | €5,031 | €11,799 | €15,746 | €18,590 | €17,240 | ▼ 7.3% |
| Cash at bank and in hand54/58 | €71,692 | €78,139 | €80,218 | €95,986 | €10,400 | €2,871 | €9,883 | €4,948 | ▼ 49.9% |
| Deferred charges and accrued income490/1 | - | - | - | €1,711 | €2,226 | €1,992 | €2,638 | €904 | ▼ 65.7% |
| Equity and liabilities | |||||||||
| Total equity and liabilities10/49 | €122,809 | €114,218 | €104,972 | €117,301 | €34,762 | €27,884 | €33,218 | €25,549 | ▼ 23.1% |
| Equity10/15 | €31,480 | €26,371 | €26,905 | €25,898 | €22,463 | €4,608 | €1,333 | -€9,770 | - |
| Contributions10/11 | €18,592 | €18,592 | - | €18,592 | €18,592 | €18,592 | €18,592 | €18,592 | = |
| Reserves13 | €2,343 | €2,343 | €2,343 | €2,343 | €2,343 | €2,343 | €2,343 | €2,343 | = |
| Non-distributable reserves130/1 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Reserves not available under the articles1311 | - | - | - | €1,859 | €1,859 | - | - | - | - |
| Tax-exempt reserves132 | - | - | - | - | - | €484 | €484 | €484 | = |
| Distributable reserves133 | - | - | - | €484 | €484 | €1,859 | €1,859 | €1,859 | = |
| Profit (loss) carried forward14 | €10,544 | €5,436 | €5,969 | €4,962 | €1,528 | -€16,328 | -€19,602 | -€30,706 | ▼ 56.6% |
| Amounts payable17/49 | €91,329 | €87,847 | €78,068 | €91,404 | €12,299 | €23,276 | €31,885 | €35,320 | ▲ 10.8% |
| Amounts payable within one year42/48 | €91,029 | €87,657 | €78,068 | €91,404 | €12,299 | €23,276 | €31,885 | €35,320 | ▲ 10.8% |
| Trade debts44 | €2,126 | - | - | €1,317 | €2,357 | €1,141 | €588 | €1,530 | ▲ 160% |
| Suppliers440/4 | - | - | - | €1,317 | €2,357 | €1,141 | €588 | €1,530 | ▲ 160% |
| Taxes, remuneration and social security45 | - | - | - | €583 | €19 | - | - | - | - |
| Taxes450/3 | - | - | - | €583 | €19 | - | - | - | - |
| Other amounts payable47/48 | - | - | - | €89,503 | €9,923 | €22,135 | €31,297 | €33,790 | ▲ 8.0% |
| Line | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €2,484 | -€5,109 | €533 | -€1,007 | -€3,435 | -€17,855 | -€3,275 | -€11,103 | ▼ 239% |
| + Depreciation and write-downs630 | €17,915 | €16,620 | €7,822 | €5,286 | €3,924 | €1,590 | €2,235 | €861 | ▼ 61.5% |
| Operating cash flow (approximation) | €20,399 | €11,512 | €8,355 | €4,279 | €489 | -€16,265 | -€1,040 | -€10,242 | ▼ 885% |
| Investment in fixed assets (approximation) | - | €0 | €0 | €0 | €0 | €0 | €0 | €384 | - |
| Change in cash | - | €6,446 | €2,079 | €15,768 | -€85,586 | -€7,528 | €7,012 | -€4,936 | - |
A Belgian filing has no cash-flow statement. These rows are therefore an approximation, derived from the income statement and the balance-sheet moves.
Historical observation
In July 2024, 6,619 companies had the same profile as MANUMED has now. Two years later, 84.5% were still going and 4.5% had gone bankrupt.
- Micro
- 20 years or older
- negative equity
- a loss of 10% of the balance sheet or more
84.5%
was still going
10.0%
stopped otherwise
4.5%
went bankrupt
Another 1.0% stopped without a precise date, possibly only after those two years.
That fits the bankruptcy probability of MANUMED itself: 1.0% within 12 months.
Test of the method
The method was tested on the 497,446 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 6,619 companies, not a prediction for MANUMED. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Latest 10 of 37 filings with the National Bank
| Financial year | Type | Filed | Reference | Document |
|---|---|---|---|---|
| 31-12-2025 | abbreviated format | 08-06-2026 | 2026-00144438 | |
| 31-12-2024 | abbreviated format | 10-06-2025 | 2025-00129143 | |
| 31-12-2023 | abbreviated format | 04-07-2024 | 2024-00208825 | |
| 31-12-2022 | abbreviated format | 18-07-2023 | 2023-00245685 | |
| 31-12-2021 | micro format | 19-05-2022 | 2022-20033095 | |
| 31-12-2020 | micro format | 13-07-2021 | 2021-35400216 | |
| 31-12-2019 | micro format | 28-07-2020 | 2020-37800083 | |
| 31-12-2018 | micro format | 24-07-2019 | 2019-37600016 | |
| 31-12-2017 | micro format | 30-07-2018 | 2018-42100350 | |
| 31-12-2016 | micro format | 14-08-2017 | 2017-44600261 |